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DAOs, Token Holders Could Face New Tax Liabilities, PwC Report Warns
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People who are part of Decentralized Autonomous Organizations (DAOs), or even holders of certain decentralized finance (DeFi)-focused governance tokens, could have tax liabilities that far exceed what they expect to see, a new PwC report on crypto taxation has warned.
The report, which looked into taxation of income arising from fields such as DeFi, Proof-of-Stake (PoS) protocols, and non-fungible tokens (NFTs), said tax authorities are having an increasingly difficult time keeping up with the space, which is moving “at a pace unseen in many other industries.”
On the issue of DeFi taxation, the major consulting company suggested several models that tax authorities could adopt, including taxing holders of a protocol’s governance token, taxing
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